As the currency depreciates, Egypt increases its interest rate by 600 basis points.

The Central Bank of Egypt raised the interest rate by 600 basis points to enable market forces to determine the exchange rate. This announcement was made by Egypt’s Central Bank through a statement on Wednesday, March 6, 2024, as it transitioned to an inflation-targeting approach.

Following the market opening, Egypt’s pound experienced a significant decline against the dollar, dropping below 40 pounds per dollar from its previous level of approximately 30.85 pounds.

ArabMLS Founder

Ahmed Elbatrawy, who leads the Arab MLS platform, aims to simplify property transactions in the Middle East, paving the way for unprecedented global investment opportunities.

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